(Our first ever New Jersey Real Estate Networking Breakfast takes place June 5 at The Newark Club. Click here for more information.)
HARRISON, NJ-All 275 units are now leased and occupied at the first Harrison Station complex, Greg Russo, a principal of Ironstate Development, tells GlobeSt.com. Debuting last September as the first rental project in a planned mixed-use community on 245 acres around a PATH Station, the building leased quickly from the start.
“We were able to stop offering concessions by March, and are now seeing some decent rent increases,” says Russo. Because the project was the first luxury rental building to go up in a raw post-industrial area where abandoned warehouse buildings still stand on surrounding streets, a month’s free rent was originally offered as enticement.
The development features an Olympic-size outdoor pool and deck, a fitness center, and other amenities. The exclusive marketing and leasing agent for the property was The Marketing Directors, which is based in New York and which has long been active selling and leasing apartments on New Jersey’s Gold Coast.
Ironstate, which has Pegasus Group as a partner in Harrison, is to begin work within a few months on a 136-room Element by Starwood hotel adjacent to the rental complex and PATH station. Also, by the end of the year, the companies will break ground on a second residential complex, Russo says.
The partners are only two of six development companies at work on projects under way at the massive redevelopment site. Russo Development, headed by Edward Russo – no relation to Greg – has begun construction of a 300-unit rental apartment building.
Heller Industrial has nearly completed demolition of buildings across Frank E. Rogers Boulevard from the PATH station, which is itself scheduled to be rebuilt starting next year. Heller expects to begin work on a mixed-use structure including 65 rentals by the end of the year.
The Ironstate/Pegasus building includes almost 13,000 square feet of street-level space, and Russo says this is also filling up. A Five Guys restaurant is now open at the site, and Russo reported recent lease-signings with a Pronto Gourmet market, Fakara restaurant and the hair salon Pro Cut.
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